Reference no: EM132462300
At December 31, 2020, Catwell Corporation's general ledger reported a balance of inventory $43,100. Catwell uses a perpetual inventory system.
The following transactions and events occurred around the time of the December 31, 2020 year end:
Problem 1. Units of merchandise were shipped to a customer via FOB destination on December 2020. The customer received the goods on January 2, 2021. The merchandise had a cost of $6,000. The sale of the merchandise was recorded on December 31, 2020.
Problem 2. The ending inventory balance of $43,100 excluded inventory with a cost of $25,000, which was delivered to a consignment seller's place of business on December 16, 202 None of this inventory was sold by the close of business on December 31, 2020.
Problem 3. Units received during 2020, with a cost of $4,300, were recorded twice in the general ledger.
Problem 4. Units shipped to a customer on December 28, 2020, via FOB shipping point, were not received by the customer until January 3, 2021. The units had a cost of $14,000. The units were included in Catwell's ending inventory.
Problem 5. Units on hand on December 31 that cost $5,600 were never recorded in the inventor account.
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